Nigeria’s Total Imports Surge by 98% Amid Forex Reforms, Hits 12.5 Trillion
Nigeria’s total imports surged by a staggering 98% over a 12-month period, reaching ₦12.5 trillion in the second quarter of 2024, according to the National Bureau of Statistics (NBS). The sharp increase comes as the nation continues to grapple with foreign exchange reforms, including the devaluation of the naira in mid-2023.
The NBS data reveal that total imports for Q2 2024 stood at ₦12,473.53 billion, a 97.93% increase from ₦6,301.95 billion in the same period of 2023. However, import activity slowed down slightly in the second quarter of 2024, with a decline of 10.71% compared to ₦13,970.05 billion in Q1 2024.
Despite this quarter-on-quarter drop, the figures highlight significant economic adjustments as foreign exchange reforms reshape Nigeria’s trading landscape. The Central Bank of Nigeria (CBN) has been actively defending the naira, injecting $39 million into the forex market to stabilize the currency.
China Leads as Top Trading Partner
China continues to dominate as Nigeria’s leading import partner, followed by Belgium, India, the United States, and the Netherlands. The most imported commodities during this period included motor spirit, gas oil, durum wheat, butanes, and cane sugar for refineries, underscoring Nigeria’s reliance on essential industrial and agricultural products.
Agricultural imports were valued at ₦893.25 billion in Q2 2024, reflecting a 2.96% decrease from the previous quarter’s ₦920.54 billion. However, on a year-on-year basis, agricultural imports increased by 96.38% from ₦454.85 billion in Q2 2023, signaling growing dependence on foreign agricultural goods.
Raw Material Imports See Significant Growth
The importation of raw materials also witnessed an upward trend, with the sector recording a 0.96% increase to ₦1,481.50 billion in Q2 2024, up from ₦1,467.41 billion in Q1 2024. This marked a substantial 160.92% growth when compared to the ₦567.80 billion recorded in Q2 2023.
Solid mineral imports also saw a sharp rise, increasing by 35.61% from ₦71.38 billion in Q1 2024 to ₦96.80 billion in Q2 2024. Year-on-year, the sector experienced a remarkable 206.08% jump, highlighting increased demand for imported mineral resources.
Manufactured Goods Decline in Q2, 2024
On the other hand, imports of manufactured goods took a slight dip, declining by 2.82% to ₦5,576.67 billion in Q2 2024, compared to ₦5,738.32 billion in the first quarter. However, on a year-over-year basis, manufactured goods imports still saw a significant rise of 84.67%, up from ₦3,019.78 billion in Q2 2023.
NBS also reported that other oil product imports stood at ₦4,425.31 billion in Q2 2024, a 23.34% decrease from ₦5,772.35 billion in Q1 2024. However, over the 12-month period, this category rose by 98.64% from ₦2,227.84 billion in Q2 2023.
These statistics reflect the ongoing transformation of Nigeria’s import landscape, driven by shifts in foreign exchange policy and market demands. While the devaluation of the naira has increased the cost of imports, it has also underscored the need for Nigeria to bolster its domestic production capabilities in critical sectors like agriculture and manufacturing.
Sources: MarketForce Africa.
